The new energy storage industry is prioritized as a key strategic emerging industry for development in Yantai Huang-Bohai New Area. [Photo/VCG]

Yantai Huang-Bohai New Area is focusing on nurturing new quality productive forces, with new energy storage being a key strategic emerging industry for development.

The new energy storage industry in the Huang-Bohai New Area is beginning to take shape. The area has already attracted over 30 industry leaders, which cover areas such as battery materials, cell control, system integration, and hydrogen storage. Listed companies like Wanhua Chemical Group and Tayho Advanced Materials Co Ltd have made strategic moves in the new energy storage sector.

The area is rapidly forming a comprehensive industry value chain, a well-established industry support system, and a strong capacity for technological innovation in the energy storage industry cluster, aiming to create a complete industrial ecosystem for the research, manufacturing, and application of new energy storage.

"At present, the Huang-Bohai New Area has settled 16 industrial projects, including Leawhua Power Technology's 25GWh large cylindrical energy storage battery and Tayho Advanced Materials' aramid separator," said a spokesperson from the Economic Development and Technological Innovation Bureau of the Huang Bohai New Area.

He also noted that efforts will be made to attract over 50 upstream and downstream companies by 2025, with the area's output value currently at 20 billion yuan ($2.79 billion) and potentially surpassing 100 billion yuan by 2030. The area is contributing to Yantai's ambition of becoming a major hub of energy storage in northern China.